Technology and Development: Impact of Technology on the Korean Economy

Abstract

Korea has undoubtedly developed one of the most dynamic economies in the world. Having realized a successful industrialization, Korea now faces formidable challenges in science and technology. Korea has the problems of meeting competition from countries with more efficient industries as well as those with lower labor costs. Korea must muster the human capital, as well as financial and other resources for domestic R&D to maintain a continued industrial growth path, complemented by imported technology. Korea has to promote its own technological innovation with R&D efforts that are essential in meeting the constraints imposed on it in the changing global economy. This paper discusses the profound impact of science and technology on Korea's economy, as well as its implication for the global economy.